Donald Trump insists tariffs will bring an economic boom to the US. But the measures may lead to a global trade war.
President Donald Trump’s decision to impose sweeping tariffs on nearly everything the United States imports could redraw the global economic order.
They include a baseline duty of 10 percent on imports and larger reciprocal tariffs.
The measures have led to retaliation – mainly from China – amid a worldwide selloff in stock markets and raising fears of recession.
Despite that, Trump has dug in, promising the US an economic boom.
He believes the global trading system has allowed nations to “rip off” the US and that his aggressive policies would bring jobs back to the country’s industrial heartlands. But will they work? Or could they lead to a global trade war?